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De Beers played an important role in establishing the NWT diamond industry through the hunt for diamonds in Canada’s Arctic starting in the 1960s and later through development of two Northwest Territories mines.
The company’s role in establishing Canada as the world’s third largest producer of diamonds by value was recognized November 17 at a gala in Yellowknife that celebrated the 25th anniversary of the discovery of diamonds in the NWT.
In addition to exploring throughout high Arctic and around the Northwest Territories, De Beers has contributed an estimated $7.1 billion contribution to Canada’s economy over the past 10 years alone, including $2.6 billion to the economy of the Northwest Territories.
De Beers was one of the companies to receive plaques for contributions at Snap Lake Mine, located 220 km northeast of Yellowknife, and the new Gahcho Kué Mine, 280 km northeast of Yellowknife.
De Beers started the search for diamonds in Canada in the early 1960s, undertaking extensive exploration in Nunavut’s high Arctic and throughout the Northwest Territories over the next 20 years.
Canada’s first economic kimberlite was discovered by De Beers in 1987 in Northern Ontario, which is now our Victor Mine.
Since joining the Gahcho Kué joint venture in 1997 and purchasing the Snap Lake property in 2000, De Beers has been a major contributor to the benefits flowing from the diamond mining industry, outlined in a September 2016 Socio-Economic Impact Report produced by De Beers.
- $2.6 billion contribution to the NWT economy between 2006-2015
- $275 million in payments to Government
- $14 million in direct financial support to Aboriginal communities since 2006
- $1.5 billion in gross export revenues for Canada
Gahcho Kué has already provided $440 million in economic benefits to the NWT economy since 2006 and will add $5.3 billion more over the mine’s lifetime
The Gahcho Kué Mine is a joint venture between De Beers Canada (51% - the operator) and Mountain Province Diamonds (49%). Mountain Province Diamonds was also recognized at the gala for its role in the NWT diamond industry.